Search results for: common
Find The Best Reserve Fund Study Provider for your Condo
Reserve Fund Studies provide important guidance for your board’s financing and maintenance plans. As such, you want to know your reserve fund study provider gives you as many insights as possible. Here we offer tips to help you find the best reserve fund study provider for the job. When Reserve Fund Study Providers Consider Inflation…
Read MoreHow To Keep On Top Of Your Condo’s Garage Maintenance
If your condo’s parking garage is over 20-years old, you should develop a five-year schedule for condition assessments. This proactive approach allows you to make incremental repairs resulting in more manageable garage maintenance costs. Here are the tests you should be applying every five years. Delamination Testing: Chain Drag and/or Hammer Tap Survey While this…
Read MoreCondo Community Garden: How to Avoid Unexpected Challenges
A trend toward urban agriculture and condo gardens is opening up new concepts for condo designers. It’s also opening up new avenues for condo boards to discuss the option to create condo community gardens. However, with new concepts come unexpected challenges. Here are some tips to help your condo board avoid those challenges when creating…
Read More10 Things Condo Boards Should Know about Smoking Complaints
Smoking complaints – they happen in every condo. The question of smoking in condos continues to fuel the flames of conflict for condo dwellers. As a result, condo boards should understand what they can do when complaints arise. Here are 10 things condo boards should know about smoking complaints. 1) Smoke Free Buildings to Curb…
Read MoreHow To Use Reserve Fund Planning To Avoid Underfunding
You would think regular reserve fund studies help condo boards avoid underfunding their reserve funds. However, many boards contribute the bare minimum of 10% of the operating budget towards the reserve fund in accordance with the Condo Act. As a result, underfunding poses long-term financial problems difficult for boards to resolve. Here’s how reserve fund…
Read MoreThe Important Role Condo Boards Play in Property Value
According to the Toronto Real Estate Board, 2020 third quarter condo resales increased by 10.5 percent in the GTA. This is good news, but it comes with one caveat: New listings increased by 84.6 percent. That presents steep competition when condo owners decide to sell. Therefore, board members should keep in mind the important role…
Read MoreHow Looking Beyond 30 Years Improved Reserve Fund Study
Reserve fund study considers the life span of each component in a condo development. This helps condo boards forecast costs for repairs or replacements down the line. The Condo Act only requires a 30-year plan outlining future needs. However, looking beyond that 30-year span provides valuable insight into some of the more costly repairs and…
Read MoreStatus certificate red flags and how to avoid them
Your condo status certificate is reviewed by the lawyers of potential buyers. A healthy certificate encourages people to sign on the dotted line. Therefore your condo board should know how to avoid the following status certificate red flags. High or Rising Common Expenses High or rising common expenses can discourage buyers on tight budgets. While…
Read MoreElevate Your Condo Concierge Service & Improve Resident Relations
A condo concierge service provider has a difficult job. While most serve as a monitor for the comings and goings of the building, the lines of their role are easily blurred. As a result, some concierges see themselves as authority figures, yet others feel more like receptionists. This can put a strain on concierge and…
Read MoreTop Five Condo Lawsuits and How to Avoid Them
Condo owner disputes happen. And it can happen in any condo. Though when not properly handled, they can lead to costly, time-consuming condo lawsuits. However, if you are familiar with the top five lawsuits condo boards and Toronto and the GTA property management companies face, you can take steps to avoid them. 1. Failure to…
Read More